Global Lithium-Ion Battery MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $56 billion by 2024 from $25 billion in 2016; growing at a CAGR of 10.6% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 12.3% and 11.8%, respectively, during the forecast period.

The global lithium-ion battery market is majorly driven by increase in demand for electronic devices such as smartphones and tablets, and stringent government regulations to decrease pollution level. Additionally, growing demand for electric vehicles has also supplemented the growth of lithium-Ion batteries market. However, high cost and risk of fire in electronic devices may hinder the market growth. Growth in automobile industry would increase the demand for lithium-Ion batteries.

The global lithium-ion battery market is categorized into material type, industry vertical, and geography. Material type segment includes cathode, electrolytic solution, anode, and others. Cathode accounted for the highest market revenue in 2016. Furthermore, the market by industry vertical is bifurcated into industrial, electronics, automotive, and others. Electronics dominated the industry vertical segment in 2016, owing to huge demand of lithium-ion batteries in smartphones and other electronic devices. The automotive segment is anticipated to grow at the fastest CAGR driven by its increased demand in various electronic vehicles.

The global lithium-ion battery market by geography has been categorized into North America, Europe, Asia-Pacific and RoW. Asia-Pacific accounted for the largest market share of 38.6% in 2016, and is expected to continue its dominance during the forecast period, owing to rising demand from consumer electronics and increase in number of electric vehicles (EVs) in China, Japan, and India. North America accounted for the second largest market share of 32.6%, as the lithium-ion batteries are extensively used in the automotive sector in North America. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 12.3% during the forecast period 2016-2024, due to increasing adoption of these batteries in smartphones, tablets, and laptops & PCs.